Question : Barter transaction means:

Option 1: goods are exchanged for gold

Option 2: coins are exchanged for goods

Option 3: money acts as a medium of exchange

Option 4: goods are exchanged with goods

Question : Which of the following is an incorrect statement concerning public goods?

Option 1: Usually, public goods are provided by the government.

Option 2: Consumption of public goods by people is rivalrous in nature.

Option 3: It is not easy to collect fees for public goods from every individual.

Option 4: Public goods are non-excludable in nature.

Question : Final goods are divided into:

Option 1: raw materials and semi-finished goods

Option 2: single goods and composite goods

Option 3: consumption goods and capital goods

Option 4: war goods and civilian goods

Question : Which of the following is not one of the questions every society needs to answer?

Option 1: How should the goods be distributed?

Option 2: How should goods be produced?

Option 3: What goods and services to produce?

Option 4: How should the goods be exchanged?

Question : Goods which are meant either for consumption or for investment are called

Option 1: final goods

Option 2: giffen goods

Option 3: inferior goods

Option 4: intermediate goods